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So my plan this year was to do half the year paying taxes and half the year not paying taxes for my UE check. This was done specifically to help with bills but to alleviate not getting killed at the end of the year. If I switched to paying taxes for November and December of this year, it would have been close to 50% for 2010 of paying taxes and not paying taxes.
I've mailed in two forms in the past month to have taxes taken out. I called the tax dept today after no changes being done and this is what they tell me: because I'm past 52 weeks into UE, they cannot make changes to my tax status. I said that I didn't understand but the man said that I'm past 52 weeks of UE and can't change anything. He said if I was having taxes taken out all along and wanted to change it, that I couldn't do that either.
Has anyone been through this that they aren't allowing changes to tax status? Also, because I'm getting the extra $25 per week and weren't taxed on it, I will be taxed on that at the end of the year. How the hell do uenmployed people pay for all of this tax stuff? It's like, if you take a hardship withdrawal from your retirement, how do you come up with $$$ to pay taxes? I don't get it.
Calculate your tax liability and save it when you get your gross UE checks and file an estimated payment on Form 1040-ES on January 15, 2011. You can do this quarterly throughout the year beginning April 15, June 15, September 15, January 15. If there are additional taxes due, pay when you file your tax return. Installment payments should equal 100% of last year's tax, or 90% of what you estimate this year's tax to be. You should be fine with the IRS. You can file your taxes April 15 or file for an automatic extension and file Oct. 15. But pay at least 90% of what you owe by April 15.
Fwiw, I always do tax projections - 2-3 times a year for that reason. One at the beginning of the year, one in July, one in November to be sure I'm on track. Tax rate schedules are right next to my chair, so when the spirit moves me, I can work on it. Very simple, gross income, less standard deduction or itemized deduction, personal deductions, any tax credits like earned income or making work pay, child tax credits, installment payments, net tax due. I'm usually not far off. Never have money withheld from anything - why give govt a interest-free loan.
Last edited by Ariadne22; 11-15-2010 at 01:34 PM..
Calculate your tax liability and save it when you get your gross UE checks and file an estimated payment on Form 1040-ES on January 15, 2011. You can do this quarterly throughout the year. If there are additional taxes due, pay when you file your tax return. Installment payments should be 100% of last year's tax, or 90% of what you estimate this year's tax to be. You should be fine with the IRS. You can do your taxes later.
Fwiw, I always do tax projections - 2-3 times a year for that reason. One at the beginning of the year, one in July, one in November to be sure I'm on track. Tax rate schedules are right next to my chair, so when the spirit moves me, I can work on it. Very simple, gross income, less standard deduction or itemized deduction, personal deductions, any tax credits like earned income or making work pay, child tax credits, installment payments, net tax due. I'm usually not far off. Never have money withheld from anything - why give govt a tax-free loan.
thanks for the info, but why can't I change my status now? It's only November---it's still tax year 2010!
thanks for the info, but why can't I change my status now? It's only November---it's still tax year 2010!
Because the unemployment people aren't set up for it. They aren't a payroll service. So, since they won't withhold, you better make an estimated payment on Jan. 15.
Because the unemployment people aren't set up for it. They aren't a payroll service. So, since they won't withhold, you better make an estimated payment on Jan. 15.
I should be able to offset some of that from mortgage interest, correct?
Figure your gross income this year. Since you mention mortgage interest, you apparently itemize deductions. Standard deduction for single is $5,700, married couple $11,400. If your itemized deductions such as mortgage interest, state taxes, medical expenses exceed that, then you itemize. Look at last year's tax return and use that as a starting point. I always have an extra work copy of previous year's return available with the tax schedules for reference.
I did not have taxes withheld from my UE this year. The approximate UE income will be $15000 for the year. I did spent $18000 out of pocket on dental work. Will I owe any taxes? Thanks!
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